http://www.loc.gov/marc/transition/pdf/marcld-report-11-21-2012.pdf
The Library of Congress is pleased to report that we have reached two important milestones with respect to our Bibliographic Framework Initiative: the introduction of a draft data model for web-based bibliographic description and a first meeting of a small group of early experimenters currently exploring the feasibility of the proposed model. The new model is simply called BIBFRAME, short for Bibliographic Framework.
source: INFOdocket